Bradley, Polymer agree to development terms

By Elaine Rigoli

Tampa, Fla., Aug. 18 - Bradley Pharmaceuticals, Inc. and Polymer Science, Inc. have agreed to development terms under which Polymer will develop delivery systems not currently used by Bradley for future products to be commercialized by Bradley's Doak Dermatologics and Kenwood Therapeutics operating units.

The products that Polymer develops and manufactures will be exclusive to Bradley. Product launches are expected to begin in 2007.

Bradley's initial financial commitment is $760,000, which is Polymer Science's estimate of its start-up costs associated with this project, according to a news release.

According to the agreed upon payment schedule, Bradley said it will pay $190,000 in the fourth quarter 2006, followed by a second payment of $190,000 in the first quarter 2007. The remaining $380,000 will be payable over the first three years of product production.

Polymer currently manufactures Trans*Ver*Sal, a salicylic acid wart removal patch system, marketed domestically by Doak Dermatologics as well as in 20 countries internationally.

Polymer, based in Monticello, Ind., specializes in providing custom coating, converting and packaging solutions for the medical, pharmaceutical and electronic markets.

Bradley is a specialty pharmaceutical company based in Fairfield, N.J.

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